Drowning in Red Ink…Uncle Sam Just Can’t Help Himself
The government clown show has struck again.
According to a story in Marketwatch, our elected officials have now buried us all under over $9 trillion in red ink.
That’s equal to 9 million million dollar bills if there were such a thing.
That’s the amount of money owed the by U.S. Federal Govt. (ie. all of us) to our many creditors who hold our various Treasury bills, notes, and bonds.
That the equivalent of $29,948.11 for every man, woman and child in this country. It’s nothing less than an outrage.
Unfortunately, as big as that sum is it is only the tip of the iceberg-and I do mean iceberg.
That’s because if the unfunded Medicaid, Social Security, etc. promises are added, this figure rises dramatically to a total of $59.1 Trillion.
That’s $196,658 in debt for each and every one of us and growing by the minute.
In other words, we have spent ourselves into oblivion.
By the way it took from George Washington all the way to Ronald Reagan to borrow the first $1 trillion. That next $8 trillion came in the blink of an eye.
Where’s Thomas Jefferson when you need him.
Here’s what he had to say about public debt long ago:
“I place economy among the first and most important republican virtues, and public debt as the greatest of the dangers to be feared. To preserve our independence, we must not let our rulers load us with perpetual debt.”
Thomas Jefferson, third US president, architect and author (174-1826)
Smart guy, Jefferson.
Our kids are really going to be screwed someday.
